NO Deal Brexit could create an economic boom by driving up exports, David Davis insisted today.
The former Brexit Secretary claimed that a slump in the value of the pound would make Britain a better place to do business.
And he called on Philip Hammond to cut taxes for companies which have close links to the EU to ensure they don’t lose out from Brexit.
Economists predict that in a No Deal scenario, the value of sterling could fall by as much as 20 per cent.
But Mr Davis wrote in The Times: “Is this such a bad thing?
“Our goods will become 20 per cent more competitive on the global market and our EU competitors’ goods would be less competitive.”
He added: “After Brexit the UK will have considerably more flexibility to navigate the coming years and take full advantage of our new freedoms and independence in policy making.
“Unlike the EU we have a floating currency that can fluctuate in line with our economic needs.”
A fall in the value of the pound would make British products cheaper for international buyers.
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But it could also stoke inflation in the UK as imported goods rise in price – and make international holidays more expensive.
Boris Johnson appeared to back Mr Davis’ intervention, telling the BBC: “The pound will go where it will.”
Remainers blasted the Brexiteer pair – Rupa Huq, a backer of the Best for Britain campaign, called the comments “utterly disgusting”.
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